1H 2026 Secondary Market Overview Report (Campbell Lutyens)

Summary

• 1H 2026 secondary volume hit $120Bn, a 9% increase from $110Bn in 1H 2025.p.3
• CL forecasts full-year 2026 secondary volumes are likely to hit at least $250Bn.p.3
• LP- and GP-led transactions each represented 45% of total volume in 1H 2026.p.3
• Average LP-led pricing held firm at a 13.3% discount, versus 13.6% in FY 2025.p.3
• Preferred equity doubled its FY 2025 share to 10% of volume, reaching $12Bn versus $4Bn in 1H 2025.p.5
• SACV pricing tightened in 1H 2026, with an average discount of 2.9% and 69% of transactions pricing at par or greater.p.7
• Evergreen funds acquired LP portfolios at an average price of 92.1% of NAV, compared to 86.7% for the broader market.p.23

Key insights

1. The top 19 participants accounted for 70% of total volume in 1H 2026, compared to 14 participants in both FY 2025 and FY 2024.p.3
2. LP-led volume dropped 8% while GP-led volume climbed 14%.p.5
3. Infrastructure and private credit achieved the strongest LP-led pricing, with average discounts of 5.0% and 5.1% respectively.p.6
4. MACV pricing widened to an average discount of 10.5% in 1H 2026, from 4.2% in FY 2025.p.8
5. North America's share of LP-led sellers rose to 56% in 1H 2026, from 51% in FY 2025.p.9
6. Buyout funds represented 75% of LP-led volume.p.12
7. SACVs accounted for 62% of GP-led volume, up from 48% in FY 2025.p.14
8. Infrastructure secondaries volume reached $10Bn in 1H 2026, with CL forecasting $26Bn for full-year 2026.p.17
9. Credit secondaries volume reached nearly $10Bn, a 115% YoY increase, with GP-led activity accounting for 72% of volume.p.18
10. 74% of buyers expect 2026 transaction volume to exceed 2025's $225Bn record, including 37% projecting volumes above $250Bn.p.24